It didn’t take long, but the Suns now have a new owner.
Robert Sarver has agreed to sell the team to Billionaire mortgage lender Mat Ishbia after the NBA launched an investigation into Sarver and his workplace practices, which shed light on his using the n-word, sexist comments, and other horrible workplace practices.
He was suspended, and shortly after, he announced his intentions to sell the team.
New owner Mat Ishbia was a former basketball player at Michigan State and is also purchasing the Phoenix Mercury. He will be the majority owner, and it came at a $4 billion price tag, a record amount. In his statement, Ishbia says:
Justin Ishbia, Mat Ishbia’s brother and a founding partner in Shore Capital, will make a significant investment and serve as alternate governor.
“I am extremely excited to be the next Governor of the Phoenix Suns and Mercury,” Mat Ishbia said in a statement. “Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months.”
Ishbia’s acquisition of more than 50% of the teams will include all of Sarver’s interest plus a portion of that of minority partners.
The Suns’ record sale marks a new day in the escalating valuations of NBA teams. Joe Tsai bought the Brooklyn Nets for an NBA-record $2.35 billion in 2019. Prior to that sale, Tilman Fertitta purchased the Houston Rockets for $2.2 billion in 2017, with Steve Ballmer buying the LA Clippers for $2 billion in 2014.
The Lakers had a minority share sold for a higher valuation than the Suns’ $4 billion purchase, landing a $5 billion valuation.
Ishbia, president and CEO of United Wholesale Mortgage, a Michigan-based company, has been pursuing NBA and NFL teams in recent years and finally landed on a deal to own the Suns. Ishbia was a walk-on for Michigan State and part of the Spartans’ 2000 national championship team. He has remained close with Hall of Fame coach Tom Izzo, and he previously made a $32 million donation to the basketball program.
Let’s hope his tenure is much better than Sarver’s.
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